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BofA revises global CLO new issuance forecasts upwards but refi/reset forecasts diverge
2 years ago
CLO strategists at Bank of America have boosted forecasts for European and US CLO 2021 new issuance volume for the second time this year. But projections for refi/reset volumes across the continent have been tweaked in two separate directions -
Credit shrugs off ECB tapering signal, but strategists warn of IG vulnerability
Credit markets are ending the week on a firm footing after taking in their stride the European Central Bank’s message that it expects to limit asset purchases in the coming quarter. But some parts of the market look more vulnerable than others, say strategists -
Rising star portfolio has room to run, says JP Morgan
2 years ago
The theme of 'rising stars' still has room to run and investors should consider a basket of candidates to benefit in the coming months, according to JP Morgan credit strategists -
High yield compression has one last push after real yields turn negative, says BofA
2 years ago
With real yields for European high yield bonds having turned negative, Bank of America credit strategists see "one last hurrah" for spread compression trades -
Lingering covid vies with inflation as top credit threat, finds BofA
2 years ago
Covid-19 lingering is catching up with inflation as credit investors' number one worry, Bank of America's August survey has found. The picture for central bank purchases is bullish, but strategists see industrial and bank senior bonds as shorts for contrarians over the summer -
Rising stars will fuel double B boom, says BofA
2 years ago
A rising star cycle is underway and adds to a bullish outlook for double B credits with company results pointing to an ‘epic V-shaped recovery’ in high yield revenues and earnings, say Bank of America credit strategists -
CLOs stand to win from US capital cost refinement, says BofA
2 years ago
A move by US insurance regulators to refine the capital charge framework for structured products will make CLOs more attractive versus corporate bonds, according to Bank of America strategists -
Green QE is future, says BofA
2 years ago
Last week's European Central Bank strategy review confirmed that climate change policies will dictate the shape of future asset purchases, say Bank of America credit strategists -
CLO demand to drive loan outperformance over bonds: BNP Paribas
2 years ago
The buying power of CLOs and funds could mean leveraged loans rally further and outpace high yield bonds, says BNP Paribas' credit research team -
JP Morgan raises 2021 US CLO forecast to record $135 billion
2 years ago
JP Morgan's research desk has raised its US CLO new issue forecast for 2021 to $135 billion -
Single Bs and periphery in favour as European HY market deleverages: BofA
2 years ago
Single B, periphery, leisure, retail and services high yield credit all look to offer value, amid indications the European market is deleveraging quicker than expected -
US private credit deals set to increase but flexible terms may not remain, finds Katten
3 years ago
The private credit market is optimistic about deal flow for 2021 but respondents in law firm Katten's survey are mindful that flexible deal terms will not remain forever -
ESG drive poses little threat to CLO returns or flexibility, says Moody's
3 years ago
Environmental, social and governance investment criteria are not impairing CLOs either in flexibility or performance, Moody's Investors Service has found in a new report -
Corp hybrid popularity mounts, but strategist outlooks diverge
3 years ago
Corporate hybrid bonds are becoming a focal point for investors in the second quarter, with one bank's credit strategy team making them a top pick to trade spread compression while another's has expressed caution on their likely performance -
CLO investors still hungry for triple As and double Bs, says JP Morgan
3 years ago
Most CLO investors are looking to add risk through deals in the months ahead, with very few inclined to reduce exposure, a JP Morgan survey has found - despite the historic flood of issuance in the first quarter of this year -
Yield rise is buying signal for bonds, says BNP Paribas
3 years ago
Credit spreads are set to hit new cyclical tights in the coming months, with the recent rise in yields having offered an attractive entry point especially for high-rated bonds, say BNP Paribas credit strategists -
CLO equity ‘top trade’ could reach mid-teens returns, says JP Morgan
3 years ago
CLOs’ strong start to the year, in which the asset class has asset class has made gains against a sell off in government and corporate bonds, has put equity tranches on course for double digit returns in 2021, according to JP Morgan strategists -
UN PRI's upcoming report on ESG in CLOs finds bar is very low
3 years ago
In a preview of the upcoming report, Carmen Nuzzo, head of fixed income at UN Principles for Responsible Investment, reveals to Creditflux key highlights from its ESG in securitisation report -
BofA forecasts record European CLO volume in 2021 as another reset prices
3 years ago
Carlyle Group has become the first manager in March to reset a European CLO, while BofA estimates the European CLO market might break a new record in 2021 -
Rates moves points to credit improvement, say BofA strategists
3 years ago
Focus on the rates market and the future direction of central banks has brought jitters back to credit in recent weeks and had a chilling affect on bond total returns. But higher government yields could end up being good for credit, say Bank of America strategists -
ESG growth in CLOs has momentum in 2021, say JPM strategists
3 years ago
ESG investing in securitised products such as CLOs have 'momentum for growth in 2021' despite very slow volume growth and lack of progress in standardised scoring over the past year, say JP Morgan strategists in a research note -
AGL hires ex Wells Fargo CLO research head Preston
3 years ago
AGL Credit Management has hired former Wells Fargo CLO research head David Preston -
Buy CLO equity to capitalise on reflation, says JP Morgan
3 years ago
CLO equity stands out in a tightly priced market as offering up to double digit yields, say JP Morgan structured credit strategists, who posit it as their top trade -
Bet on beta compression - except in sub fin CDS, say BofA strategists
3 years ago
Beta compression will be a dominant theme in 2021 for high yield versus investment grade CDS and bonds, financial versus non-financial credit and subordinated versus senior financial bonds, say Bank or America strategists in a research note. Short volatility positions are also attractive, they add, while cautioning sub versus senior financial CDS could buck the trend -
Loan market delivers best one-day returns since April due to US election and vaccine
3 years ago
The S&P/LSTA Leveraged Loan Index recorded its best single day returns since April on Monday as investors celebrated in a string of positive developments that sent markets into overdrive
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